Paying in installments

[darkninja1985]

Hi all just a quick question really do people that trade on here do payment in installments or do any bullion dealers do such a thing? The reason i ask is sometimes the outlay can be costly and was wondering if people did take payment as installments with an agreed price from the beginning?

Would be great to get everyones thoughta on this. 

[Bigmarc]

Probably cheaper to get a interest free credit card and pay that off. 

[sixgun]

i have seen a few offer payment by instalments on the forum. It is rare. It is rare in general. It involves risk on the side of the seller and when the vast majority pay upfront in full with a cash bank/paypal transfer, why take the risk. i don't think i would sell by instalments unless i knew the buyer well.

Here are some examples for credit deals:
 

 

[motorbikez]

I've done it before for paid up members with no problems, I don't mind taking payments over 3-6 months for anything I sell over £500 or for a 10% deposit I'll hold anything for 3 months.

Edited July 25, 2021 by motorbikez

[Spectre77]

28 minutes ago, darkninja1985 said:

Hi all just a quick question really do people that trade on here do payment in installments or do any bullion dealers do such a thing? The reason i ask is sometimes the outlay can be costly and was wondering if people did take payment as installments with an agreed price from the beginning?

Would be great to get everyones thoughta on this. 

I have done this before (letting buyers pay in installments). Please have a look on my listings and let me know if you find anything interesting. Feel free to PM

 

[LawrenceChard]

25 minutes ago, Bigmarc said:

Probably cheaper to get a interest free credit card and pay that off. 

Free credit?

That must be getting very rare...

Unless it like "free" postage, or...

Free beer.

🙂

[dicker]

I know a couple of dealers who are willing to do “layaway” i.e allow you to make payments in instalments and receive the coin when fully paid.  
 

Personally not one for me, but the dealers I know who would consider this sell “big ticket” coins rather than bullion.

Best

Dicker (Neither a lender not a borrower be!)

[pricha]

Oh God no. I once sold an item on eBay . The guy ( who had bought from me before) asked if he could pay in installments .  As you guessed i never got paid the full amount . Never again. 

Edited July 25, 2021 by pricha

[dicker]

2 minutes ago, pricha said:

Oh God no. I once sold an item on eBay . The guy ( who had bought from me before) asked if he could pay in installments .  As you guessed i never got paid the full amount . Never again. 

Usual ebay chancers.  I sold a watch and the purchaser asked for the same.  
 

I turned him down and asked for full payment and he got abusive.  I didn’t get a penny and re listed.  
 

Ebay……

Best

Dicker

[pricha]

I did like PayPal's 4 month interest free credit . Unfortunately since the new eBay payment system started i no longer seem eligible for it. 

[pricha]

""PayPal Credit isn't eligible for this purchase, which may be due to one of the following reasons:

A seller isn't eligible to accept PayPal Credit

You're buying an item sold in a currency that is not supported

You have a PayPal business account""

None of these apply so i am at a loss why i can no longer use Paypal credit

[Coverte]

2 hours ago, pricha said:

""PayPal Credit isn't eligible for this purchase, which may be due to one of the following reasons:

A seller isn't eligible to accept PayPal Credit

You're buying an item sold in a currency that is not supported

You have a PayPal business account""

None of these apply so i am at a loss why i can no longer use Paypal credit

If you have a reasonable credit score, maybe try and get a 0% interest credit card? Lloyds are doing them, others also.

[Bigmarc]

4 hours ago, LawrenceChard said:

Free credit?

That must be getting very rare...

Unless it like "free" postage, or...

Free beer.

🙂

No, very common. Lots of people down this end of the pecking order have to use them. They usually cost about 40 quid setting up fee then they hope you don't pay it off in two years. You should try it, would be a interesting story to tell down the country club. 

 

Edited July 25, 2021 by Bigmarc
Spelling

[LawrenceChard]

4 hours ago, dicker said:

I know a couple of dealers who are willing to do “layaway” i.e allow you to make payments in instalments and receive the coin when fully paid.  
 

Personally not one for me, but the dealers I know who would consider this sell “big ticket” coins rather than bullion.

Best

Dicker (Neither a lender not a borrower be!)

For "big ticket" read "big profit".

Many bullion deals are "big ticket" (high value).

"Free" credit is almost non-existent, and an oxymoron. Credit has a cost to the lender, consisting of financing cost, risk, and administrative costs. Unless the supplier is a true altruist, then it is the buyer who pays for his "free" credit.

Lawaways are a lower risk middle ground.

Some of the coin marketing companies offer instalment payments, typically 3 payments, but usually their prices are about 50% higher than competitors.

Competitive markets such as bullion could not operate sustainably offering free credit.

[LawrenceChard]

4 hours ago, pricha said:

Oh God no. I once sold an item on eBay . The guy ( who had bought from me before) asked if he could pay in installments .  As you guessed i never got paid the full amount . Never again. 

At the very least he could and should have asked you first, and not committed himself to buying, and expect you to accept it.

4 hours ago, dicker said:

Usual ebay chancers.  I sold a watch and the purchaser asked for the same.  
 

I turned him down and asked for full payment and he got abusive.  I didn’t get a penny and re listed.  
 

Ebay……

Best

Dicker

So, he wanted time to pay instead of paying for time? 🙂

[Chorlton]

Not personally too much risk for no gain. It is very different for large electrical retailers for example as they pay for this service so it is available to their customers at no risk but a slight additional cost to them.

[FlorinCollector]

I would say no to it. I had a conversation at the coin fair about it and I think there is little to no gain for the seller. 
 

1. Accepting monthly instalments, people tend to spend these smaller amounts and at the end have not felt the sale price.

2. This is the main one. It is a great opportunity for a buyer especially in this market over the last year. Prices have continued upwards. So they have took a very low risk option and the reward is great for them. By the time the product is paid for they will have made a good gain potentially. I know this can change at a pin drop but when I have seen these option plans it has usually been when prices are on the rise.  

Edited July 25, 2021 by FlorinCollector

[Minimalist]

8 hours ago, darkninja1985 said:

Hi all just a quick question really do people that trade on here do payment in installments or do any bullion dealers do such a thing

I wouldnt accept installments. It costs too much risk and in most cases the buyer uses debt/credit for the transaction. If people cannot save and buy gold in full then I will not entertain them.

[darkninja1985]

Interesting to see what people have said, I guess it’s about trust and how often you buy from someone to really establish a connection whereby both parties don’t mind doing this. 
Great to hear everyones opinion on this. Yet again the forum delivers 🤙

 

So glad I joined this forum and community 

[darkninja1985]

8 hours ago, GSTrading said:

I have done this before (letting buyers pay in installments). Please have a look on my listings and let me know if you find anything interesting. Feel free to PM

 

May have to take you up on a offer in future 🤙